Accounts - Principles of Accounts Past Questions

1341

The balance on the sales ledger control Account at the end if the accounting year represents total

A. trade debtors at the end of the year
B. cash sales for the year
C. credit sales for the year
D. amount transferred from the sales day book

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1342

a decrease in the provision for doubtful debts result in

A. an increase in net profit
B. a decrease in gross profit
C. an increase in gross profit
D. a decrease in net profit

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1343

The accounting concept which allows the use of a particular method for treating a transaction for a reasonable number of years is

A. consistency
B. cost
C. accrual
D. conservatism

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1344

Use the following to answer the given question
\( \begin{array}{c|c} \text{Purchases} & 2,000\\ \text{Opening stock} & 900\\ \text{Closing stock} & 300 \\ \text{Sales} & 3,850\end{array}\)
Gross profit is

A. N1,850
B. N1,250
C. N950
D. N650

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1345

Use the following to answer the given question
\( \begin{array}{c|c} \text{Purchases} & 2,000\\ \text{Opening stock} & 900\\ \text{Closing stock} & 300 \\ \text{Sales} & 3,850\end{array}\)
The cost of goods available is

A. N3,850
B. N2,900
C. N2,300
D. N2,000

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Accounts - Principles of Accounts Past Questions

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